How to Choose the Right Real Estate Home Builder

Building a home is a once in a lifetime investment and so no one wants to take any chances. A thorough and detailed analysis of the various builders and the housing schemes offered by them should be done before taking the final decision. Some unscruplous real estate home builders may have bought the land on lease and tried to pass it off as their own to make quick money. As an investor, you have to ensure that you do a complete check on the builder's credibility. Although the Indian real estate industry has several big as well as small players, it is important to remember that there is no regulatory authority to check their functioning. In such a scenario, investors have to very careful while taking their real estate investment decisions.

Step by Step Process of Choosing a Real Estate Home Builder

The selection of a real estate builder and investment in a housing scheme offered by it should be done after considering the following:

• Check the background and the reputation of real estate home builder through referrals, those who have worked with them in construction or by checking the progress of the previous projects announced by the real estate company concerned.
• Check the track record and the efficiency of the builder in completing previous projects. A builder’s efficiency can be judged on the basis of the timelines or delay in its completion, quality of construction, compliance with the terms of agreements with the investors and the type of amenities provided in the existing projects.
• Always look at a sample flat and the material used in building that flat. Also, check the dimensions of the various rooms and the design and think whether it suits your requirements.
• Compare the prices quoted by the various builders and the facilities offered by them.
• Check the funding of the project and whether it has a good rating by any certified agency.
• If the builder is selling completed flats, whether he has the requisite completion certificate and occupancy certificate from the municipal authorities.

Checklist before Signing a Legal Document with the Real Estate Home Builder

After the selection of a builder and the housing scheme in which one wants to invest, certain important things need to be checked for before signing a formal agreement.

These are listed below:

• Confirm the total cost of the project and its components. Check whether all the costs pertaining to furnishings and fittings are included in the project cost.
• Get the agreement checked or verified by a real estate lawyer just to ensure there are no legal hassles later on.

• Check the copies of government clearances received for the project and alterations if any made subsequently.
• Ensure that the agreement clearly mentions the carpet area as also the size of the balcony or balconies.
• Check for the date of possession and mention of any possible delays.
• Check for the completion certificate and if it is not included, ask when the builder will be ready to give it. A completion certificate is essential for the registration of a house and completion of several other governmental formalities.